The subjects form part of a parade of retail and restaurant units located within the retail core immediately adjacent to the prime shopping pitch and the waterfront redevelopment area and handy for the city centre bus services, taxi ranks etc.
The units form part of a Category B Listed stone and slate building extended to the rear and completely refurbished in 2001. The upper floors were sold a short while thereafter for conversion to residential, these residential flats remain in single ownership.
The units front Nethergate and Whitehall Street and are serviced from Coutties Wynd to the rear.
Location
Dundee is located mid way between Aberdeen (circa 105 kilometres) (65 miles) to the north and Edinburgh (circa 96 kilometres) (60 miles) to the south overlooking the Tay Estuary and has a resident population of circa 142,000 persons and a catchment of 630,000 persons within a 60 minute drive time (source: Dundee City Council).
The City has its own Airport with daily flights to London (City Airport) and sits on the main east coast railway line which runs services into London (Kings Cross).
The subjects of sale form part of the City Centre retail core.
Accommodation
3 Whitehall Street - 1,400 Sq Ft
8 Nethergate - 1,789 Sq Ft
36-38 Nethergate - 735 Sq Ft
Terms
CURRENT RENT
3 Whitehall Street - £40,000 - Rent review 01/05/2012 and 5 yearly
8 Nethergate - £65,000 - Rent review 06/07/2017
36-38 Nethergate - £30,000 - Rent review 31/08/2016
Total Rent - £135,000 pa
PROPOSAL
3 Whitehall Street - £325,000
8 Nethergate - £600,000
36-38 Nethergate - £200,000
Total - £1,125,000
Specification
- Part of City Centre retail/leisure parade, opposite the Overgate Shopping Centre.
- Fronts natural pedestrian flow through to waterfront development area, the chosen location for the V & A at Dundee.
- Malmaison Hotel (91 bed) under development close by (opening November 2013).
- Adjacent to central bus drop off/pick up points and City Centre taxi rank.
- All units fully fitted.
- Total income - £135,000 per annum.
- Price - Offers Over £1.125m.
- VAT elected.
- Net Initial Yield 11.43%.
- 3 Whitehall Street EPC Rating B
- 8 Nethergate EPC Rating G
- 36/38 Nethergate EPC Rating G